Registered Charity Number 1123540 Company No 6533385 A Limited Company Registered in England and Wales # **The Greatham Foundation Ltd (formerly the Hospital of God at Greatham)** > **Trustees' Annual Report and** ae he Papea **Accounts for the year ended** > es **31 October 2024** el a ; aee Contents Page Introduction Message from the Chair Message from the Director Or8anisational details Trustees, Annual Report (including the Strategic Report) About the charity Our charitable objectives Our vision, mission, and value5 What we do Our impact What we delivered and achieved during the year Making a difference Our plans for the future Financial review of the year Summary Results from charitable activities Results from investment activities Financial position Structure, governance and management Formation, legal structure and objectives Governing body and governance Statement of public benefit Risk management and principal risks Statement of trustees, responsibilities Statement of disclosure to auditors 23 24 24 25 26 29 29 31 31 33 33 Independent Auditor's Report 34 Financial Statements Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements 39 40 41 42 Introduction Message from the Chair Events continued throughout 2023 to celebrate the Charity's 750th Anniversary. Staff must be praised for the many and varied activities enjoyed by our people and their families. To mark the anniversary Llie Trusiees planied an oak tree iri tlie gruurids. It acts as a constant reminder that as it grows and flourishes so must the Charity, if we are to continue to deliver our aims and objectives, which focus on delivering 'person centered care,. In an increasingly difficult economic and geopolitical climate 2024 has seen continuing pressures on the Charity's ability to deliver our services and has led the Trustees and management to think more strategically, explore new avenues of revenue and strive for increased efficiency across all areas of the organisation. Reviews of staffing, our complex property portfolio, IT systems and improved internal monitoring systems have all assisted the Trustees in effectively meeting our governance responsibilities. Despite the ongoing challenges we continue to look forward. We have had a number of excellent events. The Grants Committee held its first coffee morning for grant recipients and funders. The event facilitated networking, partnership working and was greatly appreciated by all attendees. Such was its success that the event is scheduled to be repeated in 2025. Another hugely successful event was the Multicultural Afternoon held in Stichell House for residents and their families. It showcased the diversity and differing cultures of our workforce. It was celebrated in song, national dress and amazing food from all over the world. We are forging ahead with a complete rebranding of the Charity. We have also made the decision to convert the now closed Gretton Court building into 14 dementia friendly Almshouses. We look forward to seeing the plans come to fruition in 2025. On behalf of the Trustees I would like to thank the staff throughout the whole organisation for their hard work and commitment to the Charity. On a personal noie I would like to thank the Trustees, a group of volunteers who give their time, expertise and commitment to help make the Charity the success that it is. Margaret Boustield Chair of Trustees Message from the Director For over 750 years, our Charity has been a cornerstone of the community-offering vital care. support, and services to those who need it most. As we continue to grow and adapt to meet the evolving needs of our region, we have taken an important step forward: rebranding as The Greatham Foundation. This decision was made with deep reflection and care. While we honour our rich heritage, we also embrace the future with optimism. The Greatham Foundation represents not just a new name, but a renewed commitment-to remain steadfast in our mission and responsive to the communities we serve. Over the past year, we have continued to make a meaningful difference in people's lives. By supporting charities, social enterprises, and grassroots organisations across the North East, we are helping to create a lasting, positive impact-something we can all take pride in, We move forward with ambition and clarity of purpose. Backed by the dedication of our trustees and staff, we are reaching more people, forging stronger partnerships, and- most importantly-listening closely to those with lived experience of dementia and their families. We are working to build more inclusive, healthier, and more resilient communities. At the same time, we are enhancing our investment and estate strategies to ensure long-term sustainability-maximising income, improving efficiency, and safeguarding our assets for generations to come. This is a pivotal moment in our journey. Together, with determination and hope. we are rising to meet it. Lawrence McAnelly Dlrector Organisational details The Greatham Foundation Ltd (formerly the Hospital of God at Greatham) is a registered charity (registration number 1123540) and a company limited by guarantee (registration number 6533385, England and Wales). The registered office is The Estate Office, Greatham Hall, Greatham, Hartlepool, TS25 2HS. The trustees of The Greatham Foundation Ltd are directors for the purposes of company law and trustees for the purposes of charity law (hereinafter referred to as "the trustees"). The trustees who served during the year and up to the date this report was approved (15 July 2025) are: Co-opted: Margaret Bousfield (Chair) Robert Eden (Vice chair) Patricia Hancock Nigel Fenny Kai Sander (resigned 27 April 2025) Nicola Local (resigned 23 July 2024) Kenneth Graham (appointed 24 June 2025) Ex-officio: The Venerable Richard Simpson The Venerable Rachel Wood Philippa Sinclair (nominee of the Bishop of Durham) The charity director (chief executive and company secretary) is Lawrence McAnelly. The names and addresses of the principal professional advisers are: Auditors: JBC Accountants, 3B Lockheed Court, Preston Farm, Stockton-on -Tees TS18 3SH Banker: Barclays Bank PLC, 19-23 Wellington Square, Stockton-on-Tees, TS18 INA Investment Manager: J.P. Morgan Private Bank, 60 Victoria Embankment, London, EC4Y OJP Solicitors: Archers Law LLP, Lakeside House. Kingfi'sher Way, Stockton on Tees, TS18 3NB Solicitors". Ward Hadaway, Sandgate House, 102 Quayside. Newcastle upon Tyne, NEI 3DX Pension Scheme Adviser: Barnett Waddingham LLP, 1st Floor City Square House, 11 Wellington Street, Leeds, LSI 4DL Trustees, Annual Report (including the Strategic report) About the charity Our charitable objectives the provision of housing accommodation and extra-care accommodation for beneficiaries. 2. the provision of grants not exceeding £5000 in any one year for such parochial and charitable purposes within the parish of Greatham as the trustees think fit. 3. the relief of persons who are in conditions of need, hardship, or distress, including but not limited to sufferers of Alzheimer's disease and related disorders. the charity may relieve persons in need by: (i) making grants of money to them or for their benefit. (li) providing or paying for goods, services or facilities for them., or (iii) making grants of money to other persons or bodies who provide goods, services or facilities to those in need. 4. the appropriation of bungalows, alms houses and other property belonging to the charity for the use of residents and brethren of the charity. 5. the maintenance of the chapel which is devoted to the performance of divine service for the benefit of the brethren and residents of the charity. Our vision, mission and values Building on our century's long history, our ambition is to be a force for good, using our resources, skills, knowledge and abilities to have a significant impact in communities. We aim to be a leading charity that is modern, forward thinking, robust, 5UStainable and resilient. A charity that is respected and valued by communities, people, partners and peers. Mlsslon To build on our centuries-long history, we support and empower older people and those affected by dementia, to live well through the provision of care and community-based services, homes and grants by putting them at the centre of everything we do. Values To be kind, caring and compassionate. To put people at the heart. To be professional, learn and empower. To be open, transparent and honest. Our vision is for older people and those affected by dementia to live well within supportive communities. What we do Established in 1273 by Bishop Robert de Stichell, The Greatham Foundation (formerly known as the Hospital of God) employs over 100 staff and delivers a broad range of services aimed at supporting older people. particularly those living with dementia. Its portfolio includes: Stichell House - A 35-bed purpose-built residential care home set in landscaped estate grounds. Community Day Services- Support for people with dementia and their carers in East Durham and Hartlepool. The Bridge- A one-stop dementia care and advice hub. Community Pastimes - One-to-one and small group services for people with dementia or experiencing social isolation. Almshouses - Independent living accommodation in Greatham, Norton, and Stockton-on-Tees. Commercial Properties - The Foundation owns and leases over120 private properties and facilities. Grants Programme- Annual funding to voluntary and community organisations making a positive social impact. We complement our charitable activities to provide an income by providing for rent or lease, housing, farm and farmland and some commercial property in the village of Greatham, Hartlepool. Our impact What we achieved and delivered in the year Key Events and Community Engagement During this reporting period, the charity organised and participated in several events, each contributing to our mission of fostering community, celebrating heritage, and supporting those we serve. Founders Day Our annual Founders Day held on 11 January 2024. commemorating the founding of the charity. The day began with a reflective communion service in the Chapel, followed by a shared lunch. Trustees, staff members, and individuals supported by the charity gathered to celebrate our legacy and reaffirm our shared values and vision for the future. Greatham in Bloom - Snowdrop Walk On Sunday 18 February 2024, the charity was proud to support Greatham in Bloom in hosting its much-loved Snowdrop Walk. In preparation, our gardeners, Mitch and Terry, went above and beyond to prepare our private woodland, creating a beautiful and welcoming environment for visitors. The event raised an impressive £2,700, which will be reinvested into local planting initiatives and community projects. Ongoing Community Support Our commitment to community engagement remained strong throughout the year. We continued to provide prizes and awards for the Greatham Feast, an annual local celebration, and supported our local primary school by providing gifts for Year 6 leavers as they transitioned to secondary school-recognising this important milestone in their educational journey. Grants Committee Coff ee Morning We were delighted to host our tirst Grants Committee Coffee Morning on 17 May 2024. This informal networking event brought together a diverse group of organisations that had received grant funding from the charity. Over breakfast, attendees shared experiences, discussed the impact of their work, and explored opportunities for collaboration. The event reinforced the value of our grant-making programme in fostering connections and amplifying community impact. Stichell House Multl-cultural Celebration On 20 September 2024, Stichell House hosted a vibrant Multi-cultural Celebration, reflecting the rich diversity of its residents, staff, and wider community. Families, residents, and staff members shared traditions, stories, music, and cuisine, creating a joyful and inclusive atmosphere. We were also pleased to welcome Transformers HPL, a local organisation supported through our 2024 grant round. Founded in 2021, their mission is to promote integration and community cohesion for ethnic minority groups in Hartlepool. Their participation added depth and inspiration to the event, which was widely praised for its warmth, inclusivity, and sense of togetherness. Our People Our workforce is at the heart of everything we do. During the reporting period, the charity employed an average of 105 staff members, with 58 % based at Stichell House; 26°k working across our community-based care services and 16'k supporting our corporate services. We are pleased to report an improvement in our annual retention rate, which rose to 80.33 /0 for the period January to December 2024, up from 79.41 /0 the previous year. This reflects our continued investment in creating a positive, supportive working environment. As part of our recognition efforts, we proudly issued 36 Employee of the Month awards, each including a certificate and a £IOO bonus in recognition of outstanding contribution and commitment. The charity remains focused on enhancing the employee experience through a range of initiatives, including regular supervision and ongoing professional development,. access to training and learning opportunities,. access to our Employee Assistance Scheme, providing confidential support for mental health, financial wellbeing, and personal challenges; and a strong emphasis on teamwork, communication, and a positive workplace culture. We are deeply committed to attracting and retaining skilled, compassionate professionals who reflect our values and bring our vision of person-centred care to life every day. Making a difference- Our services and Support 'The Bridge" Dementia Advisory Service (Hartlepool) The Bridge Dementia Advisory Service provides vital advice, guidance, and emotional support to individuals living with dementia and their families. In addition to one-on-one support, our experienced advisors offer training, distribute helpful resources, and connect carers to additional services that can assist them in their journey. To keep clients informed and engaged, The Bridge distributes a newsletter every six weeks, highlighting upcoming events, activities, and relevant services across the community. ,thls r.eportlthg pÈ+,iod,.; ry7h.8 Pgridge 8Lippcrtad aA:.&:verag8 iL)ifQ-, e6 Indlviduals Iving w tii du1)￿?17t1a eacli iiionth 349 family carers receivlng direc,t ad.;:ice and supp.ort each manth 346 Indlviduals per montli ilirougii indii'ect suppo., t 477 events, interactions, or outreach activltie3 each mop,th This consistent level of engagement underscores The Bridge's central role in providing compassionate. accessible, and impactful support for those affected by dementia. Throughout the reporting period, The Bridge has continued to grow from strength to strength, expanding its support for individuals living with dementia and their families. Strong partnerships with the local mental health team in Hartlepool have remained a cornerstone of this success, ensuring a consistent stream of referrals-often following diagnosis or completion of cognitive stimulation therapy, which is also delivered on-site at The Bridge. As a well-established presence in the community, The Bridge continues to lead the way in outreach and collaboration. Satellite sessions across Hartlepool and active participation in voluntary sector meetings have kept The Bridge connected, visible, and responsive to local needs. One of the year's highlights was the successful revival of Memories in Tune, a live music event that had previously paused during the pandemic. Its return has been met with enthusiasm and joy, offering attendees the opportunity to come together, share experiences, and create meaningful new memories with loved ones. The event continues to grow in popularity and impact, with more participants joining each month. In addition to service delivery, The Bridge has played a key role in building dementia awareness across the community. This year, staff delivered comprehensive dementia awareness training at Lindisfarne Care Home, reaching all 32 members of staff. Training was also provided to Hartlepool United Community Sports Team, St James Church Group, and other community organisations, strengthening local understanding and support for those affected by dementia. 'Vary caring and understanding, felt very comfortable and felt I could ask for support, the service was excellent. °AIw8ys had time to chat with us, dldn't Judge and always felt supported, the work they do is Invaluable for famlliesju8t starting the dementla path to know there Is help out there. "The entire team were life savers when w8 really needed it, we were struggling to know what to do, their support changed everything. Hartlepool and Minerva House Day Centres for people living with a dementia and family member carers Our Hartlepool Day Centre at Heather Grove and Minerva House Day Centre in Horden, East Durham offer therapeutic, person-centred care for individuals living with dementia. These welcoming spaces provide a safe and supportive environment where people can take part in a wide variety of engaging, stimulating, and enjoyable activities. Our dedicated team uses creative approaches to deliver sessions that not only support cognitive and emotional wellbeing but also bring joy and laughter-something often heard echoing throughout both centres. Over the reporting period, the two centres collectively delivered 5,380 activity sessions to people living with dementia, helping to enrich lives and foster meaningful connections every day. During this reporting period, we have seen a gradual increase in the number of individuals accessing our day centre services. While this growth is positive, it ha5 been io shaped by several broader trends within the demontia care landscape. We are observing that many people are now engaging with services later in their dementia journey, which can affect the type and intensity of support required. Additionally, there has been a noticeable decline in the number of individuals receiving a formal dementia diagnosis, limiting timely access to appropriate care and interventions. Shifting social behaviours and attitudes towards care provision are also influencing engagement patterns. There is a growing concern within the sector that dementia is receiving less public and strategic attention, as reflected in the continued reliance on outdated dementia strategies. This lack of visibility may be contributing to reduced awareness and delayed help-seeking among those affected. Despite these challenges, we remain committed to adapting our services to meet evolving needs, advocating for earlier intervention, and ensuring that dementia remains a priority within local and national health agendas. At the heart of our approach is a commitment to supporting not only individuals living with dementia but also the families and carers who walk alongside them. We recognise that caring for a loved one with dementia can be both rewarding and deeply challenging-and that carers need dedicated support in their own right. Our Family Support Worker plays a vital role in delivering personalised assistance to family carers, offering both face-to-face and telephone support. This ensures timely access to information, guidance, and practical help tailored to each family s unique circumstances. Support includes help with attending medical appointments, navigating financial and benefit-related processes, and-equally important-offering a compassionate listening ear during difficult moments. By caring for the carer, we help reduce isolation, build emotional resilience, and ensure that family members feel seen, heard, and valued. This holistic, wraparound model of care strengthens the entire support network, leading to better outcomes for both carers and the people they support. The Heathers Day Centre: Making a Lasting Impact A dementia diagnosis does not mean life cannot be fulfilling. Our Hartlepool Day Centre "The Heathers" offers a vibrant, supportive space where individuals can socialise, explore new interests, and continue to live meaningful lives. The centre provides not only friendship, stimulation, and high-quality support for those living with dementia. but also valuable respite for carers. Set in a safe, warm, and welcoming environment. our team delivers a wide range of engaging activities, including: Arts and crafts Baking and cooking Bingo and games Singing and dancing Gardening and woodwork Reminiscence sessions Guests also benefit from accessible minibus transport to and from their homes, ensuring easy access to our services. Each day includes a nutritious two-cour5e lunch, along with refreshments and snacks, supporting both physical wellbeing and social connection. At The Heathers Day Centre, every day is an opportunity for joy, companionship, and meaningful engagement. roviding meaningful support and engagement for people living with dementia. On verage, each session supported 9.5 individuals, with 44 individuals benefiting from thè Service each month. he Centre's person-centered approach fosters long-term relationships, with individuals, ttending for an average duratlon of1.09 years-a testament to the quality of care and e positive impact the service has on those who attend, IID summer 2024, we conducted a satisf8Ction and outcomes survey to better Lnderstand the experiences of those who engage with The Heathers. The feedback ,eceived was overwhelmingly positive and highlighted the significant impact our services ave on both individuals and their families: 950/9 overall satisfaction rate 90Vo reported that attending The Heathers helped maintain their loved one's physical and mental wellbeing 79% felt their loved one had the opportunity to develop new friendships 69% observed an improvement in their loved one's overall wellbeing since attending 80/0 also noted a positive impact on their own wellbeing as carers or family members "Although he does not always remember, he arrives with a smile on his face" "My mother meets people in a similar situation, which she wouldn't have if she hadn't started the day centre. she would have only had interaction with family" 'Staff are alway5 welcoming to both my Mam and myself. feel reassured Mam is in a safe and caring environment" 12 "He has become brighter and more stimulated, talking better, interacting better, enjoying people. I have seen a great improvement. .1 can catch up with friends, go out for lunch, do housework and gardening without always being watchful of what my loved one is doing. l am so glad of a few hoursjust for me. Minerva House: A Modern, Inclusive Approach to Dementia Support If you are living with dementia or experiencing memory loss, Minerva House offers a safe, warm, and welcoming environment where you can build friendships and take part in a variety of meaningful activities. We take pride in being a modern, inclusive, and per50n-centred day centre-distinct from traditional models of care. At Minerva House, every individual is valued, and support is tailored to reflect personal interests, abilities, and preferencos. Our goal is to create a vibrant space where people feel empowered, respected. and connected. IDurlng bliis.reportin&'peri&llbMlneYva',IfoLl8exJelivere'd-aitot81iof,'2,34'B'.888 ession supporting an average of 8.9 Individuals. On a monthly basis, an average of 32 T'll ".Individuals accessed the service, highlighting its steady and valued presence in the locat,. oommunity. ,Minerva House is more than a day centre-it's a place of ongoing SUPPOrt and ' connection. People typically engage with the service for an average of 1.44 years, reflecting the centre's meaningful role in the lives of those it serves. Jn summer 2024, we conducted a survey to evaluate the impact of services provided at 14 ' Minerva House. The results show a strong level of satisfaction and highlight the positive ffect our support has on individuals attending and their families: 100°k overall satisfaction rate 77/0 felt their loved one had the opportunity to develop new friendships at Minerva House 69°A said attending had helped maintain their loved one's physical and mental wellbeing 39 % reported an improvement in their loved one's overall wellbeing 84Yo noticed a positive impact on their own wellbeing as carers or family members "My loved one is more attentive when returning from centre." more alert. manages to stay awake longer. Shows more interest in daily life" 13 "The staff are absolutely brilliant with my Dad. Management have helped with Social Services so he can access the centre an extra day. Without this centre, there is a strong possibility my Mam would have considered long term c8re. This serdice is a lifeline for myself and my Mam. "The visits from the Family Support Worker are appreciated, I know I can call on them for help, advice and support. °The social contact has made her happier and helped reduce instances of anxiety. °My loved one looks forward to his'minerva days, which put some structure to the week" Community Pastimes: Supporting Connection and Enjoyment Community Pastimes supports small groups of individuals who may be living with memory problems or a dementia diagnosis to engage with the wider community through shared hobbies and interests. The service is designed to enhance wellbeing by promoting social connection, enjoyment. and continued participation in meaningful activities. Sessions are tailored to meet the needs and preferences of participants, with trained staff delivering three-hour group or one-to-one sessions based on common interests. Activities have included arts and crafts, bowls, snooker, knit and natter groups, and social dancing, among others. The service is delivered by fully trained community support workers with specialist knowledge in dementia care. Community Pastimes is particularly beneficial for individuals who may be experiencing loneliness or social isolation, offering accessible and personalised support that encourages continued engagement in everyday life. urlng this reportlng period, the Community Pastimes seNice delivered a total of Z546 ssions, supporting an average of 10.2 Indlvldua18 per session. On a monthly basis, an verage of 36 Indivldual8 accessed the service, .,he duration of engagement reflects the meaningful and lasting impact of the support rovlded, with individuals attending Community P8Stimei> fur dri dvera8e of1.78 years. his highlights the service's role in offering consistenL person-centered support that sters long-term social connection and wellbeing. summer 2024, we conducted a satisfaction survey to better understand the xperiences of those who use our Community Pastimes service. We are proud to share at the feedback was overwhelmingly positive. reflecting the real difference the service aklng in the Ilves of. guest8 and.thelr familie4", 14 friendships through Community Pastimes. 94Q/o agreed that attending the service helped maintain their loved one's physical and mental wellbeing. 75 /. felt the service offered a wide variety of engaging activities. We achieved an impressive 94Q/o overall satisfaction rate. 8110 of guests and family members said they were offered choice and felt supported to express their views about the care and services provided. "My loved one has responded well to his care,. he is very happy after his pastimes care- stimulated and bright. I know he plays ball games which he can do so I feel he is getting plenty of movement and fun. He always comments, he's had a lovely time. °Everyone is so caring and cheerful, professional but human. They treat my loved one wonderfully and seem to know his needs" "The service has 8iven me encoura8ement, confidence, motivation, to get out and meet others. °My loved one thinks the staff are wonderful, they are always frlendly and chatty" Stichell House Residential Home Nestled within the beautifully landscaped grounds of the Greatham Estate, Stichell House is a modern residential care home offering 35 ensuite bedrooms in a purpose- built, contemporary facility. Located in ari enviable setting, we provide exceptional person-centred care tailored to the unique needs of each individual. Our philosophy of care is grounded in puttin8 the people we care for at the heart of everything we do. We believe that effective care can only be delivered when we truly understand the person being cared for. We take time to focus on each individual's history, strengths, hopes, and aspirations. At Stichell House, we respect the past, support the present, and help individuals plan for the future. Our approach ensures that every decision is guided by your preferences, iieeds, aiid values. We at-e coiii iiii Lted to pi-ovid iiig cal-e tliat is iiot oiily i-espectf ul but also responsive to the evolving needs of each person. , our8, demonstrating the commitment to delivering high-quality, person-centered care our residents. The home also maintained a strong occupancy rate of 95.0%. reflectin Phe trust and confidence placed in our services by both residents and their families. 15 Maintaining Safe Staffing Levels Recruitment and retention of staff continued to present challenges throughout the year, reflecting the wider staffing crisis affecting the social care sector nationally. Despite these pressures, the charity remained focused on maintaining a stable and dedicated workforce. During this reporting period, Stichell House employed an average of 61.1 staff members, accounting for 58 % of the charity's total workforce. Recognising the importance of continuity and experience in delivering high-quality care, we have made staff retention a key priority. From January to December 2024, the retention rate at Stichell House was 76.39 %, representing a slight decrease from 78.31 /¢+ in the previous year. While this drop is modest, it highlights the ongoing difficulties in workforce sustainability across the sector. To ensure safe and continuous care during periods of peak staff shortages and sickness absence, the charity made use of agency staff when necessary. We are pleased to report that agency usage remained well below our threshold, with an average of 2.5Vo across the year-comfortably under our internal target of no more than 5%. This reflects our proactive workforce planning and commitment to maintaining high standards of care, even amidst sector-wide stafting challenges. Care Planning and Quality Improvement Every resident continues to benefit from an individualised care plan, tailored to their specific needs, preferences, and health requirements. This personalised approach enables our staff to deliver consistent, compassionate, and responsive care. We have made further progress in modernising our care planning processes by advancing our transition to a paperless care planning system. This digital approach enhances accessibility, accuracy, and real-time updates. supporting more efficient and coordinated care delivery. Alongside this. we have continued to strengthen our Governance, Audit and Improvement (GAI) Policy and practice. A key focus has been maintaining a live, working action plan that allows us to monitor progress, respond to emerging issues, and continuously drive improvements. Our emphasis on proactive risk management has also remained a priority. We have continued to identify and analyse near miss data to inform practice and reduce the risk of accidents. This commitment to learning and prevention underpins our approach to delivering safe, high-quality care. 16 In February 2024, Stichell House received its Quality Standard Framework assessment result from Hartlepool Borough Council. We are proud to report that we successfully maintained our Grade 1 status, the highest rating awarded under the framework, reflecting our continued commitment to delivering exceptional, person-centred care. During the assessment, Stichell House demonstrated a consistent level of good service across a number of key areas. Staff were observed to display caring and compassionate attitudes toward residents, and all care plans reviewed were found to be individualised, up-to-date, and clearly reflective of each resident's needs and personal wishes. Resident feedback gathered as part of the assessment was also extremely encouraging: 1001. felt that their care was based on their individual needs and wishes 10010 said the care they received helped them have a better quality of life 720/9 overall satisfaction rate These outcomes reflect the strength of our team and our unwavering focus on delivering dignifi'ed, meaningful and person-centred care that enhances the wellbeing of every resident. It also reinforces the importance of listening closely to those who use our services. "A heartfelt thank8 for all the love and care. You are not just a care home. you are family home" "The carer8 are at your beck and call every minute. All the staff are absolutely wonderful. If you need anything doing, th8y will do it for you straightaway" Almshouses - supporting older people to live independently The charity owns and manages 123 Almshouses across Stockton-on-Tees, Norton, and Hartlepool, providing secure, comfortable accommodation with the support of an Almshouse Lead and an Almshouse Support Worker. Each property is equipped with a 24-hour call system, offering residents responsive help whenever needed. In addition to housing, we foster a strong sense of community and social inclusion through regular lunch clubs and a variety of social activities. These initiatives are designed to combat isolation, encourago social intoraction, and promoto wcllboing among residents. With the combination of well-maintained, suitably adapted accommodation, warden support, 24-hour access to the call system, and a range of social opportunities, our residents are able to live independently while feeling supported and connected within their community. 17 verage of128 residents each month, maintaining an impressive 97.8% occupancy rat cross the properties. addition to housing, the team facilitated11 staff-led social inclusion sesslons each onth. with an average attendance of 37 residents. These sessions were key in romoting community engagement and reducing social isolation. he team also made a significant impact through an average of 90 home visits or bolation-reducing calls each month, ensuring that residents received the personal onnection and support they need to live independently and with confidence. Chaplaincy Servlce Chaplaincy Aims: To develop The Greatham Foundation's spiritual, religious and pastoral care for residents and service users, their families, and the charity's staff. To enable more services to take place in our chapel. To connect with other local churches and charities. Overview., It has been another successful year, with a varied programme of chaplaincy activities that span a broad range of the charity's services. This includes leadings prayers in our care home, one-to-one pastoral support, small group work with our community services, facilitating the use of our chapel, and developing community connections. Prayer and Care, Pastoral Visits and Support Stichell House Prayer and Care Group: We run a weekly Prayer and Care group in Stichell House which is an ecumenical Christian service of the word which any of our residents can attend. We say prayers, have reflections, and sing hymns together, We follow the prayers with some social time where we can all chat with one another. The sessions are popular, with regular attendees numbering15-20 each week. Our Activities Coordinator at Stichell House plays a crucial role in organising the sessions. As of summer 2025, we have had our 120th Prayer and Care Group session., a great milestone to reachl Pastoral Visits.. It's good to talkl The benefits of conversation and social connections are crucial for the well-being of older adults, improving both mental, physical and cognitive health. Chatting and spending time together can reduce a sense of loneliness and foster a sense of belonging and purpose. To this end l undertake regular weekly pastoral visits to our residents, and it's my privilege to spend time getting to know our people. I visit 7- 10 residents per week, and wish I had more time to do so. Staff Support: I have spent time with several staff members over the last year helping support them through some issues or challenges. It is good to develop this aspect of 18 chaplaincy for the charity as the modern world of work, and general pace of life these days can take its toll on all of us at times. Christian Connections and Community Outreach Christian Connections: The charity is part of Hartlepool Churches Together. I have this year worked specifically with colleagues from several Christian traditions: Roman Gatholic, Anglican, URL and Baptist churches. Our local Greatham vicars provide a monthly eucharistic service in our care home and a local Catholic deacon also occasionally visits the care home too. We have two Pastoral Visitors working as part of the St. Vincent De Paul Society who join us for our prayer and care group and spend time chatting with our residents. The charity is also committed to working with other faith groups too. Links with Hartlepool Foodbank: In the last year we have continued to work with Hartlepool Foodbank; our staff team organised a charity-wide collection and we also made available our meeting room spaces and our chapel, to help logistically with their events. Other Local Charities and Groups.. This year we have also worked collaboratively with: Transformers Hartlepool, Refugee Futures, Ruth Jackson Solutions, and Something Positive Solutions. Working with our Community Services The Bridge: I work alongside our dementia service staff. We have in the last year provided chaplaincy support to their Carers Group and provided time for clients and their families dealing with a bereavement. This has also involved coordinating visits to Greatham to enjoy the tranquillity of our grounds and chapel. Day Centres Visits.. l am also able to spend time visiting clients supported through our services at The Heathers and Minerva House. Seeing the breadth of support and reach into communities that this charity has at its fingertips means that it is easy to work alongside our staff and participate in our social activities in an effort to help combat loneliness and bring practical support and happiness into the lives of others. Events in our Chapel Winter Bereavement Service in Greatham.. Dealing with loss and bereavement is never easy, but it is often more acute as we head towards major festive family times, such as Christmas. To help ease this burden I have worked with colleagues from The Bridge, and we have again hosted a now annual memorial service in our chapel where we share prayers, hymns and offer up an opportunity for participants to sign our book of remembrance too. 19 Christmas Carol Service: We again hosted guests from our community services, Stichell House, and almshouses, at our Christmas Carol Service. We were fortunate to have a community choir singing for us and this really brought the festive spirit alive. This proved really popular, and we have a date booked in for December 2025 too. Christian Church Visits and Retreat Days: I have hosted events utilising our chapel. outdoor space, and meeting rooms for a variety of local chLirche5'. Headland Baptist Church have used our spaces twice over the last year. Reverend Dr. Andrew Craig (who is the Chairperson of Hartlepool Foodbank) has also used our space for a celebration event and an away-day. Our trustee Robert Eden has also visited with members of his church community from Darlington for what were very well put together spiritual retreat days (these are also open to staff from our charity too). Founder's Day,. I co-celebrated our annual service once again in January with the support of Reverend Philip Bullock from our neighbouring church. This event bought together staff, trustees, residents, and clients. This really brought to life what the charity is all about and gave us a chance to gather in our chapel and also to spend time together socially afterwards, Grant Giving and Philanthropy Grants Committee.. It is especially rewarding to act in an advisory capacity as a lay member of this group. It is great to see the philanthropic ethos and social justice heritage of the charity still at work in a practical way. I was also able to visit some of our grant recipients in-situ, and also to attend our grant recipients, social event too. Seeing the scope and scale of the grants programme really brought home how vital it is that we are able to support worthwhile causes delivering critically important services in the whole of the region. Andrew Tinkler, Chaplain for The Greatham Foundation Championing Local Causes Our charity has a long-standing and proud tradition of philanthropic support, rooted in the belief that strong communities are built from within. Through our Small Grants Programme, we provide essential funding to voluntary and community organisations and charities located within our geographical area-from Stockton to Northumberland. The programme is designed to empower local communities, enabling them to harness their strengths, assets, and networks to improve lives-particularly for those facing disadvantage or marginalisation. Each year. our Grants Committee convenes to assess applications and allocate funding. In this reporting period, £IOO,000 was distributed in April 2024, supporting 90 voluntary and community sector organisations. 20 Highlights from This Year's Grant Recipients We are proud to support a diverse range of projects that are making a tangible difference in people's lives. Some of the organisations funded this year include: Rise North East - A health and wellbeing charity focused on promoting physical activity as a tool to build stronger, healthier communities. Love, Amella A Sunderland-based baby bank ensuring that no child is without the essential items and equipment they need to be safe, happy, and thrive. Norton Men's Shed A volunteer-run initiative supporting individuals experiencing social isolation by providing a welcoming and purposeful environment. Moving On Durham Dedicated to breaking the cycle of youth homelessness through temporary supported housing across County Durham. Making a Differenc8 (The Haven) - Based in Hartlepool, this charity offers free, contidential counselling services to young people dealing with emotional distress, behavioural issues, or social challenges. We also supported Friends Action North East, a Newcastle-based charity working with individuals who have a learning disability, autism, or mental health issues. Their wide- ranging programme helps participants gain the skills and confidence to form and sustain meaningful friendships-reducing social isolation and improving quality of life. An integral part of our grants programme is dedicated to supporting organisations within Stockton-on-Tees. One recipient this year was Sprouts Community Food Charity, which used the funding to help cover operational costs of a Youth Café in Thornaby, run in partnership with the Corner House Youth Project. Debra Fixter, Manager of Sprouts, shared: "Sprouts are delighted to have recelved fundlng from the 2024 Grants pro8ramme. The young people we work with have shown so much 8nthuslasm to get Involved in recipe planning, cooklng. Servlce and running a café, and w8 hope that the project will give the young people a sanse of belonging and ownership of the communlty, glving them a purpose and hopefully take pride In their area and reduce any anti-social behavlour they may prevlously have been party to." We remain deeply committed to strengthening communities across the region and look forward to continuing our support for grassroots organisations that create lasting, positive change. 'We are d•ll8hted to be In receipt of this grant. which will make Such a diff•rence to U8 and our ability to support more women into work across tho North East" 21 °Acorns endeavours to support children and families in North Tyneside and Northumberland aff ected by domestic abuse. Summer holidays can be particularly isolating for the families that we work with. By supporting our summer family activity programme, The grant helps us to bring families together in a space where they can make new friends, access valuable support and build lasting memories. "The grant will have a huge impact on the lives of many young carers. It will enable them to access transport and take part in a range of activities, that oth8rwis8 would be unavailable to them. This will allow them to enjoy childhood experiences outside of their caring responsibilities. °Receiving grant funding to support core costs is truly vital for us. HOPS providas wellbeing support to people includin8 unpaid carers and other6 in difficult circumstances. We provide holistic therapies and activities to alleviate health conditions, reduce anxiety and depression and to promote self-care in adults alongside provlding opportunities for valuable social interaction and respite. Impact of the 2024 grant funding programme: 311111ts 5QO Peijpltr i)er Wi'¢'k iii I Iii. IX., 3, 700 people directly supported I 1.1 di'hi cli<'nls 14 ladies aged 60- 86 yrs regularly attend weekly sessions 300 pi'ople 7 )() L Iiil(li-I'i?, y()Illlii ,5 1)L'()i)l(', 11.Ilit'i)ts 76 children 75 people a day,for the warm spaces "' , 375 people directly 72,400 people indirectly supported,.. Benefited around 750 p.eople" 103 people 30-40 people participating People In excess of 1. 70(J epis()dL's of care -OvL"r I,()00 inenib.ers 10 rhildren beiivfiied ' >'ll ii('Il' 4ll>iJlicaliiJn.s 22 Our plans for the future In this year the Charity has focused on; planning and building the capacity of the charity, investing in our finance team, continuing to update systems and processes. including continued digitisation, developing our approach to the management of the Charity's diverse Land and property portfolio, refreshing our Investment strategy and use of the total return order, agreeing to the development of The Heathers to create places for people livin8 with a dementia following the closure of Gretton Court Nursing home, ongoing development of The Greatham wetlands scheme, working with the Environment Agency and other partners, working to recruit the best people to our teams across the Charity, working with grantees to understand their impact and how we can help them to continue to make a difference in their communities continuing to embed the use of data and information to continually improve performance and achieve financial sustainability, Our future plans moving into November 2024 to October 2025 are to.. Refresh our strategy and business planning approach. Continue to modernise and promote the Charity Continue the development of plans for The Heathers to provide places for people to live Continue to build the capacity of the senior leadership team, appointing an Assistant Director with specific responsibility for the Charity's estate management functions, to achieve best value, modernise systems and processes and to identify and develop further opportunities. Further embed our performance across all of our services to achieve our mission, Developing and embedding our accountancy framework. Develop our networks and communications, being more outward looking, identifying and building good collaborations and partnership working opportunities Continue to recognise the tremendous efforts of our staff team through recognition and praise. Continue to develop the use of technology to make some of our processes more effi'cient. Work with the Trustees of the Greatham Hospital Pension Scheme to achieve the pensions objectives. 23 Financial review of the year Summary The charity's total income for the year amounted to £4.Im (2023: £3.7m) and total expenditure on operations was £4.5m (2023: £4.3m), giving an operating deficit of £0.4m (2023.. deficit of £0.6m) which has been funde.d from iinrpstricted reserves. A net gain on investments of £5.9m (2023 £2.Om) has contributed to the overall increase of £6.Om (2023.. £1.5m) in Total Funds to £52.Om (2023: £46.Om). The charity invests in its services using its accumulated reserves and the income generated from its investment activities. Over recent years, there has been a restructuring of services and a focus on services breaking even to support the long- term financial strength of the charity and this approach has continued this year. Results from charitable activities The principal source of funding for the charity's activities continues to be income received from fees, contract payments and grants for its care and community services. This income stream remained consistent at 73/0 (£3.Om) of total income during the year, compared to 74% in 2023. Income from residential care reached £1.5m, reflecting a 13 % increase compared to the previous year. This growth can partly be attributed to an updated fee structure that better reflects the service provided and the current costs of delivering the service. Expenditure, including support costs, on residential care services increased by 7Yo With costs exceeding income by 200/0, an improvement from 26 /0 in 2023 and from over 50 /0 in 2022, still representing a substantial subsidy from the charity towards the full cost of this service. This reduction in subsidy demonstrates the charity's progress toward financial sustainability in this area. A focus on prioritising staff recruitrnent and retention has reduced the reliance on agency workers, helping to control costs and improve service continuity. Community services generated £0.8m in income. marking a modest 3°k increase year- on-year. This growth corresponds with a gradual rise in service users. Expenditure for day and community services, including support costs, totalled £l.Im. also up by 3Y.. Expenditure for these services exceeded income by 39%0, consistent with the previous year, which is subsidized by the charity ensuring support for those in need. Income from supported almshouse accommodation rose to £0.6m, an 8% increase from the prior year. Expenditure, including support costs, driven largely by property-related costs, increased by 710 over the year. Despite the increase in costs, the level of subsidy 24 required from the charity remained broadly consistent with the prior year, due to a review of maintenance contributions received from almshouse residents. This reflects the charity's ongoing commitment to maintaining high-quality housing for residents while managing rising operational costs. During the year, as part of its charitable activities the charity awarded £O.Im in grants to other charities, voluntary organisations, and the Newcastle Diocese. These grants, along with associated support costs, were fully tunded trom the charity's own resources, Results from investment activities The charity maintains a diversified portfolio of financial and property investments, which generate income and capital gains to support its charitable objectives. In response to a reduction in general reserves, the charity has worked closely with its investment advisors to ensure that the portfolio continues to deliver sufficient income and capital growth to sustain ongoing operations. The trustees have appointed professional investment fund managers to oversee the financial investment portfolio on a discretionary basis. These managers operate within broad parameters set by the trustees, which reflect the charity's risk appetite and long- term financial goals. The overarching investment objective remains focused on achieving capital growth over the medium to long term, while accepting a moderate level of risk. Short-term market fluctuations are anticipated and are not expected to disrupt the charity's core activities. Performance is regularly reviewed against relevant industry benchmarks. Trustees and senior management maintain close oversight, meeting regularly with fund managers to assess results and make strategic adjustments in response to evolving market conditions. The charity's financial investments generated income of £0,4m (2023,. £0.3m), alongside a substantial gain on endowment funds of £3.Im which significantly exceeded the £O.Im gain recorded in 2023, reflecting improved performance in the money markets. Under a total return order granted by the Charity Commission in 2010 the charity is permitted to draw upon capital growth in the endowment's financial investment assets to support its charitable activities provided always that the real value of the trust for investment is maintained. In this way trustees ensure that due consideration is given to the needs of both present and future beneficiaries of the charity. Details of the total return approach to the investment of the charity's permanent endowment is given in Note 17 to these accounts which shows that the value of the "trust for investment" at 31 October 2024 was £21.2m (2023: £20.8m) and the value of unapplied total return at that date was positive £O.Im, (2023 £0.5m). Unapplied total return represents that part of the 25 accumulated gains on the financial investments which is available for trustees to spend in meeting the charity's objectives or to replenish general reserves. During the year £3.Im was drawn down from the growth in the endowment investments which will be used for ongoing expenditure of the charity with a particular focus on continuing the programme of repairs identified in the survey on the charity's properties undertaken last year. The charity's portfolio of investment properties-comprising houses, farms, commercial premises, and other assets located in and around the village of Greatham-is managed internally. As part of its strategic objective to deliver professional property services, the charity continues to prioritise high standards of property management and tenant care. A key focus during the year has been the ongoing refurbishment of properties, supporting the charity's commitment to being a responsible landlord. Net income from the property portfolio for the year amounted to £292k (2023: £267k), after accounting for maintenance and support costs. This represents an increase of nearly 6 /0 in rental income, reflecting the charity's gradual transition towards charging market rents to better support its charitable activities and to strengthen the long-term financial sustainability of the charity. Repairs and maintenance expenditure remained steady at approximately £0.2m. Of this. £O.Im was invested in essential upgrades, including the replacement of boilers, refurbishment of kitchens and bathrooms, and improvements to damp-proofing- enhancing both the quality and sustainability of the housing stock. Financial position The charity's financial position remains strong and resilient. As of 31 October 2024, total funds stood at £52.Om, ref lecting a £6.Om (13 %) increase from the previous year's balance of £46.Om, This growth was largely driven by a gain of £5.9m on financial and property investments, resulting from positive market performance and an increase in the value of the charity's investment property portfolio. Endowment fund assets continue to make up the majority of the charity's financial base, representing 91 /0 of total funds. These are primarily held in a diversified mix of financial and property investments. Of the remaining funds, approximately 210 are restricted and relate to assets held in trust on behalf of the Charity of Emma Simpson for Almshouses, for which the charity acts as corporate trustee. Unrestricted reserves have grown this year, following the withdrawal of £3.Im unapplied total return from the endowment funds and now comprise 7 % of total funds (2023: 2Y.), enhancing the charity's financial flexibility and capacity to respond to future needs. 26 The structure of the endowment fund remains consistent, with 45 % invested in listed securities, 34/0 in property, 15 % in fixed assets, and the remainder held in inter-fund balances. As at 31 October 2024, the endowment fund's financial investments include an Unapplied Total Return of £80k, down from £534k the previous year. following a withdrawal of £3.Im during the year. The value of permanent endowment investments is expected to tluctuate in line with market movements over time. As at 31 October 2024, the charity held £3.7m in unrestricted funds, with 59Yo of this total represented by net current assets. The remainder is largely invested in listed securities. The charity continues to maintain a strong liquidity position, enabling it to comfortably meet its operational funding needs. Net current assets increased significantly during the year to £2.2m, a marked improvement from a negative position of £0.6m in 2023. The Statement of Cash Flows (page 40) highlights strong cash generation during the year. Investment income of £4.4m more than offset the £1.2m outflow from operating activities, resulting in a net increase in cash of £3.2m. The trustees have adopted a reserves policy to ensure operational continuity in the unlikely event of a sudden loss of income. The policy sets a target of holding unrestricted reserves equivalent to three months of core operating costs-currently estimated at £1.3m. As of the year-end, the charity's unrestricted reserves stood at £3.7m, significantly higher than the £0.7m reported in 2023. In light of the charity's overall financial strength-underpinned by substantial endowment assets and a strong cash position-the trustees are confident that the current reserves are sufficient to meet the charity's obligations and support its ongoing operations. The charity continues to progress towards full cost recovery in service delivery, ensuring that services not only cover their direct costs but also contribute appropriately to overheads. This strategic shift has already yielded measurable improvements and will remain a focus moving forward. All of this is done in service of our charitable objectives. The charity maintains a long-term financial commitment to the Greatham Hospital Pension Scheme, a legacy defined benefit scheme for which the charity is the sponsoring employer. The scheme closed to future accrual on 28 November 2023 when the last active member left pensionable employment. The most recent full actuarial valuation, conducted as at 31 October 2022. indicated an improved actuarial deficit of £91k. A deficit recovery plan has since been implemented, with the charity making additional contributions. The next actuarial valuation of the scheme is due at 31 October 2025. 27 As at 31 October 2024, the scheme reported a net asset position of £346k under Financial Reporting Standard 102-an increase from £254k in 2023-ref lecting contributions paid by the charity and positive investment returns on the schemes assets. 28 Structure, governance and management Formation, legal structure and objectives The charity was first founded in 1273 by the Bishop of Durham, Robert de Stichell, and was subsequently re-founded in 1610 by King James l. The present governing document of the charitable company is the memorandum and articles of association dated 13 March 2008, as amended on 13 November 2024, which sets out its charitable objectives: "the provision of housing accommodation and extra care accommodation for beneficiaries the provision of grants, not exceeding £5,000 in any one year, for such parochial or charitable purposes within the parish of Greatham as the trustees think fit. the relief of persons who are in conditions of need, hardship or distress. including but not limited to people living with Alzheimer's disease and related disorders, by providing grants of money to them or for their benefit; by providing or paying for goods, services or facilities for them; or by making grants of money to other persons or bodies who provide goods, services or facilities to those in need; the appropriation of bungalows, almshouses and other property belonging to the charity for the use of residents and brethren of the charity; and the maintenance of the chapel which is devoted to the performance of divine service for the benefit the brethren and residents of the charity." These objects are achieved through the provision of residential care for older people and people living with dementia,. community support services for older people and people living with a dementia, and their carers,. the provision of supported housing for older people,. and the making of grants to other charities and voluntary organisations. Governing body and governance The trustees, who are also directors of the charity for the purposes of the Companies Act, have overall responsibility for the strategy, management and control of the charity. There is provision for eight co-opted trustees, and they are elected by the existing trustees at a general meeting as vacancies arise and in accordance with the needs of the charity. There is a one-year trial period for new co-opted trustees. Each co-opted trustee may serve for two periods of five years. There are three ex-officio trustees. namely the Archdeacons of Durham and Northumberland and the Bishop of Durham. The archdeacons take up the role of trustee by virtue of their position and hold office for as long as they remain in post. The Bishop 29 of Durham holds office for as long as he or she remains in post. The Bishop may, and historically has, nominated someone to act on their behalf for a five-year period which can be repeated. The Trustees are required to elect a chair of their meetings at the first meeting of each calendar year. As part of their induction new trustees receive the following documents.. the Trustee Handbook,. the latest set of audited accounts,. the scheme of the charity,. the memorandum and articles of association; the budget for the current financial year,. the trustee code of conduct., the trustee declaration of interests which is updated annually; relevant Charity Commission publications via their website,. the latest timetable of meetings and workplan,. Scheme of Delegation; Risk Register The Board of Trustees normally meets tive times each year. The Charity's Board of Trustees is responsible for establishing structures for the proper governance and management of the charity and the development of the vision and strategy of the charity in accordance with its objects. The trustees have established several committees to consider issues in greater depth and to advise the Board. These committees, which are accountable to and report to the Board, are as follows: Finance and Property committee which meets four times a year to provide oversight of the charity's finances and investments, financial strategy, objectives, plans and policies and the developing property strategy. Grants Committee which meets twice a year. In addition, a Trustee has joined the Charity's Governance, Audit and Improvement group to offer insight and a direct link to the Board of Trustees. The trustees ensure that the charity has effective strategy, and that effective monitoring and governance arrangements are in place. The day to day running of the charity and the exercise of executive responsibility is delegated to the charity Director and the Senior Leadership team. The charity is not part of a formal network of other charities. It does, however, have contractual and working relationships with local authorities for the provision of social care services and housing support services and contractual relationships with the local commissioning bodies for the funding of community services and nursing services. The Greatham Foundation Ltd (formerly the Hospital of God at Greatham) has absorbed or been formally linked with other charities in recent years as follows: Fox Almshouses Trust - absorbed on l February 2008 30 Hartlepool and East Durham Alzheimer's Trust - absorbed on l April 2008 Stockton Almshouses Charity and Stockton Relief in Need Fund - both absorbed on 12 July 2010 Charity of Emma Simpson for Almshouses - linked by Charity Commission order on 28 July 2017. Further information is given in the Notes to the Financial Statements which accompany this report. Statement of public benefit The trustees give due consideration to Charity Commission guidance on public benefit under the Charities Act 2011. The Greatham Foundation Ltd (formerly the Hospital of God at Greatham) provides public benefit by virtue of its objects which are to relieve need, hardship and distress. We work to ensure the independence, health, wellbeing and social integration of the people we work with. Where individuals are not able to pay fees, for example in our residential homes, because they cannot afford them, the charity would encourage them to seek state funding. The charity to a greater or lesser extent supports or subsidises all its services from its own resources and this is considered by trustees to be an appropriate use of the charitable endowment in accordance with the legal objectives of the charity. Examples of how charitable funds are used to create public benefit are.. the use of the charity's property and financial assets to support the delivery of its charitable services,. the use of charity funds to contribute and add value to service delivery to ensure that the charity's services are effective, affordable and accessible. the operation of a transport service in our day centres, which enables people to attend who would otherwise not be able to do so; the expenditure of capital in order to modernise and improve our supported almshouses for the benefit of beneficiaries: the making of grants to other charities and voluntary organisations in need throughout the north east of England with the objective to relieve need, hardship or distress. Risk management and principal risks The trustees have overall responsibility for the management of risk within the charity and view the management of risk as an essential discipline to support the charity in achieving its goals. 31 The trustees continue to review the major risks to which the charity is exposed as part of their strategic planning role. A risk register has been established and is updated. Control systems have been put in place to mitigate such risks. The charity Director reports to trustees on any new risks that might arise during each year. Identified risk Financial Controls (Board level) Inability to monitor actual against planned financial position Inaccurate information about short- term financial position Future financial security damaged Mitigating action Receive assurance of eff ective internal financial controls Monitor actual financial position against expectedlplanned performance Auditors queries addressed Quarterly accounts reported Variances explained Report of annual external audit Beneflt Realisation from Property Investments Poor return detrimental to future generations Not fit for purpose Reduced income Reputational damage Compliance failure leading to financial loss Property maintenance survey completed. Developing planned maintenance programme Developinglrestructure Land and property team in progress (Assistant Director - Land and Property in post) Management accounts income records Strategic Direction: Aim, Objectives and Plans Charity becomes divorced from the objects defined in the Memoranda Charity's strategic direction fails to take account of new legislationlcharity Commission requirements and guidance Adhere to Objects set out in Memoranda Develop 3, 5 and 10 year Strategy Plans to deliver to objectives Observe new legislation and Charity Commission's guidance Align new and further developments of provision with Strategy Revisit quinquennially Objects defined in Memoranda (update if necessary) Review and update Strategy annually (Strategy Day) Monitor Terms of Office and vacancies Complete NJkills Audit and recruit to gaps Quarterly report to the Board of terms of Office Follow Trustee appointment procedure Complete the Trustee induction process Board Vacancies Reduced range of expertise available Excessive workloads Reduced capacity to meet responsi bil ities 32 Statement of trustees, responsibilities The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and UK Generally Accepted Accounting Practice. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deftcit of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistontly,. make judgements and estimates that are reasonable and prudent", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statements of disclosure to auditors In so far as the trustees are aware: there is no relevant audit information of which the charity's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. JBC Accountants are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006. This Trustees, Annual Report, which incorporates the Strategic Report and the Directors, Report required under the Companies Act 2006 (strategic Report and Directors Report) Regulations 2013, was approved by the Board on 15 July 2025 and signed on its behalf by: tl. Ec5JJsPI Margaret Boustield Chair of trustees Company Secretary Lawrence McAnelly Director 33 Independent Auditor's Report Report of the Independent Auditors to the Trustees of The Greatham Foundation Limited Opinion We have audited the financial statements of The Greatham Foundation Limited (the 'charitable company,) for the year ended 31 October 2024, which comprise the Statement of Financial Activities (including income and expenditure account), Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 October 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions r8latln8 to goin8 concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work that we have performed. have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for 34 a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect ot the tollowing matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made,. or 35 we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statpmp.nts and for being 8atistipd that they give a true and fair view and for such internal control as the trustees determine necessary to enable the preparation of ftnancial statements that are free from material misstatement, whether due to fraud and error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statement8 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below: Based on our understanding of the charitable company, we identified that the principle risks of non-compliance with laws and regulations related to the requirements of the Charities Act and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements, such as the Companies Act 2006, FRS 102 and the Charities SORP (FRS 102) 'Accounting and Reporting By Charities,. 36 We evaluated the risk of fraud through management bias and override of controls and determined the risks related to the posting of inappropriate journal entries or manipulation of accounting estimates. Audit procedures performed included: The engagement partner ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance. Enquiring of management as to their knowledge of actual, suspected or alleged fraud, actual and potential litigation, claims and instances of non-compliance with laws and regulations," Testing the existence of internal controls in place to mitigate risks of fraud: Testing the appropriateness of journal entries, identifying unusual transactions", Assessing whether the judgements made in making significant accounting estimates are indicative of potential bias,. Designing procedures which included but were not limited to agreeing financial statement disclosure to underlying supporting documents. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, misrepresentations or through collusion. A further description of our responsibilities for the audit of the tinancial statements is located on the Financial Reporting Council's website at www.frc.or .uk auditorsres onsibilities. This description forms part of our Report of the Independent Auditors. Use of Our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Signed: Mrs Lynne Dickson FCA (Senior Statutory Auditor) For and on behalf of JBC Accountants Limited 37 3B Lockheed Court Preston Farm STOCKTON-ON-TEES TS18 3SH Date: Ji TuL aoag 38 The Greatham Foundation (formerly The Hospital of God at Greatham) Statement of Financial Activities {including income and expenditure account) Year ended 31 October 2024 2024 2023 Unrestricted Restricced Endowment funds funds funds Total funds Total funds Note Income and endowments Donacions and legacies Charitable activities 35,258 2,942,187 731,608 35.258 2,985,954 1,081,037 4.102,249 9.546 2,743,135 956.153 43,767 Investment income 349,429 349,429 Total income 3,709,053 43,767 3,708.834 Expenditure Expenditure on raising funds: Investment management costs Expenditure on charitable accivities (376,651) (165,384) (542,035) (521,545) 9.10 3,850,201 52,355 i 0,000 3912,556 3,740,380 Total expenditure 4,226,852 52,355 175.384 4454591 4,261,925 Total income less total expenditure (517,7991 (8,588) 174,045 (3 52,342) {553,091) Net gainsl{lossesl on investments Realised gainsl{losses} on disposal of fixed assets 143,621 10,960 5,748,370 5,902,951 1,975.142 421,606 421,606 2,710 Net incomel{expenditure) (374,178) 2,372 6,344,021 5,972,215 1,424,761 Transfers between funds 23 3,276,715 (3,276,715) Other recognised gains and 105ses (Increase)Idecrease in pension fund deficit 92,000 92,000 45,000 Net movement in fund5 2,994,537 2,372 3.067,306 6,064,215 1,469.761 Reconciliation of funds Total funds brou8hc forward 697,820 1,035.802 44,230,417 45,964,039 44,494.278 Total funds carried forward 3,692,357 1,038,174 47,297,723 52,028,254 45,964.039 The scatement of financial activities includes all gains and losses recognised in the year. Income and expenditure derive from continuing accivities. 39 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Nufnber 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Statement of Financial Position Year ended 31 October 2024 2024 Total funds 2023 Total fund5 Note Fixed assets Tangible fixed assets Investments 8,040,448 38,844,591 46,885,039 8,241,316 35,857,239 44,098,555 Current a55et5 Debtors 18 350,985 5,000,711 5,351,696 329,703 1,838,764 2,168,467 Cash at bank and in hand Creditors: amounts falling due within one year 19 466,571 467,557 Net current assets 4,885,125 1,700,910 Total assets less current liabilities 51,770,164 45,799,465 Creditor5: amounts falling due after more than one year 20 (87,910) (89,426) Pension scheme asset I (provision for pension 21,22 346,000 254,000 Net assets 52,028,254 45,964,039 Funds of the charity Endowment funds 47,297,713 1,038,174 44,230,417 Restricted funds 1,035,802 Unrestricted funds 3,692,357 52,028 254 697,820 Total charity funds 23 45,964,039 These financial statements were approved by the board of trustees and authorised for issue on 15 July 2025, and are signed on behalf of the board by.. Margarec Bousfield Chair of trustees 40 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annu21 Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Statement of Cash Flows Year ended 31 October 2024 2024 2023 Cash flows from operating activities Nec incomel{expenditure) 5.972.21S 1.424,761 Adjustments for.. Depreciation of tangible fixed assets Nec valuation (gains)Ilosses on investments Net (gain5Jllosses on disposal of tangible fixed assets Dividends, inceresc and rent5 from investments Interest payable and similar changes Increasel(decreasel in accrued liabilities 217,222 (5.902,951) (421.606) (1.081,037) 10,063 (38,491) 227,052 (1,975.142) 12,710) (956.153) 10.203 {63,523) Change5 in.. Trade and other debtors - {increase>ldecrease Trade and ocher credicor5 - increasel(decrease) (21.282) 37.349 140,337 (106,852) Cash generated froml{used in) operating activities (1,228.518) (1.302,027) Interest paid (10,063) 110,203) Net cash generated froml(u5ed in) operating activities 1 238581 1,312,230 Cash flows from investing activities Dividends, incerest and rents from investments Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investmencs 1.081,037 (59,748) 465,000 (343,610) 3,259.209 956,153 (34,665) 9.750 (284,556) 168,429 Proceeds from sale of other investments Net cash from investing activities 4.401,888 Cash fiows from financing activitie$ Loan repayments (1.360) (1,222) Net cash used in financing activities 1,360 1,222 Net increasel(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 3.161,947 1.838.764 (498.341) 2,337,105 Cash and cash equivalents at end of year 5,000,711 1,838,764 41 The Greatham Foundation (formerly The Hospital of God at Greatham). Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and A¢counu for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 General Information The Greatham Foundation Limited is a private company limited by guar2ntee, registered in England and Wales (company number 06533385) and a registered charity in England and Wale5 (registered charity number 1123540). The charitable company was previously called The Hospital of God at Greatham and changed its name to The Greatham Foundation Limited following a resolucion passed by the Directors on 7 October 2024. The charity constitutes a public benefit entity as defined by FRS 102. As corporate trustee the company adminisfers the endowment fund of the Hospital of God at Greatham which is an unincorporated charity {registered charity number 1123540-1). The endowment funds thus do not form part of the corporate assets of rhe company but are instead held on crust by the charitable company. In accordance with Charity Commission recommendations the endowment fund held on tru5¢ is included in the financial statements of the charitable company but is distinguished from the charitable company's other funds. In accordance with the Charity Commission Scheme of 27 June 2002 income generated from investments within the charicy'5 endowment fund becomes available for use by the charitable company in furtherance of its objectives as does capital growth on the financial investments covered by the order for total return dated 15 November 2010 referred to in Note 17 of this report. Under an Order ofthe Charity Commission dated 28July 2017 the charitable company was appointed 501e trustee of the Charity of Emma Simpson for Almshouses (charity reg. 222517, now 1123540-21, an unincorporated charicy. The charitable company, as corporate trustee, (hereby adminiscers the endowment and other funds of the Charity of Emma Simpson far Almshouses, which do not form part of rhe corporate asset5 of the company but are instead held on trust by the charitable company in a restricced fund. In accordance wich the Order, the Charity of Emma Simpson for Almshouses is treated as forming part of The Greatham Foundation Limited for the purpose of Part 8 (Accounting) of the Charities Act 2011. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102>) and (he Charities Act 2011, Accounting poli¢ie$ Basis of preparation The financial statement5 have been prepared on a historical c05t ba515. as modified by che revaluation ol certain financial assers and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in GBP (pound5 Sterling), which is the functional currency of the entity. Going concern There are no miterial uncertaintie5 about the charity's ability co continue. 42 The Greatham Foundation (formerly The H05pitsI of God at Greatham), Company Number 06533385. Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the chariry's purposes. Designated funds are unrestricted funds earmarked by the trustees for specified future project5 or commitments. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall inco one of two sub-classes.. restricted income funds or endowment funds. The charity's restrictsd funds comprise its permanent endowment, the Building Fund, and the Stockton Relief in Need Endowment fund and restricted funds relating to The Charity of Emma Simp50n for Almshouses as referred to in Noce l. Income recognition Income is included in the statement of financial activities when encitlement has passed to the charity, it is probable thac che economic benelits associated with the transaction will flow to the charity and the amounc can be reliably measured. The following points are applied to particular categories of income.. Income from donations or grants is recognised when chere is evidence of entitlement to the gifL receipt is probable, and its amount can be measured reliably. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunceers. Income from contraccs for the supply of Services is recognised upon the delivery of the contracted service. This is classified as unrestricted funds unless there is a contrac¢ual requirement for it to be spenc on a particular purpose and returned if unspent, in which case if may be regarded as rescricted. Expenditure recognition Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any value added tax which cannot be fully recovered, and is classified under the heading of the Statement of Financial Activities to which it re12tes'. Expenditure on raising funds includes the costs of all fundraising activities. evencs, non-charitable trading activicies, and the sale of donated goods. Expendirure on charitable activities includes 211 costs incurred by the charity in undertaking activities that further its charitable aims for the benefic of ic5 beneficiaries, including those support costs and costs relating to thc govcrnanco of the charity apportioned to charitable activities. Ocher expenditure includes 211 expenditure that is neither related co raising funds for the chancy nor part of its expendicure on charitable accivities. All costs are allocated to expenditure categories retlecting the use of the resource. Direct costs attributsble to a single activity are allocated direccly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 43 The Greatham Foundation {formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accouncs for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Accounting policies (continued) Tangible assets Tangible assets are initially recorded at cost and subsequently stated ic cost less any accumulated depreciation and impairmenc losses. Any tangible issets carried at revalued amounts are recorded at the fair value at the date of revaluation, less any Subsequent accumulated depreciacion and subsequent accumulated impairment losses. Increases ind decreases in che carrying amount of assets because of revaluation are recognised in the Statement of Financial Activit4es. Depreciation Depreciation is calculated to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Freehold property Equipment 2.5% reducing balance 20°A reducing balance Investments Listed inve5tmencs are measured at fair value with changes in fair value being reccgnised in income or expenditure. Investment property The truscees carry out a review of the investment properties each year using in-house resources or external resources if appropriate. Any adjuscments to fair value from the previous financial year are recognised in income or expenditure. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contraccual provisions of the instrument. Basic financial inscruments are initially recogni5ed at che amount receivable or payable including any related transaccion costs, Current assets and current liabilities are subsequently measured ac the cash or other consideration expected to be paid or received and not discounted. Where investments in shares are publicly tr3ded or their fair value can otherwise be measured reliably, the investmenc is subsequenrly measured ar fair value with changes in fair value recognised in income and expenditure. Defined contribution pension schemes Contributions to defined contribution pension schemes are recognised a5 an expense in the period in which the service is provided. Limited by guarantee The charity is a company limited by guarantee and has no share capical. In the event of the charity being wound up the liabiliry in respect of the guarantee is limited to £ I per member of the charity. The Greath2m Foundation (formerly The H05Pital of God at Greatham). Company Number 06533385, Charity Number 1123540 Trustees, Annual Repor¢ and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Donations and legaciès Total funds 2024 Unrestricted funds Unrestricced To￿1 funds funds 2023 Donations Donations and legacie5 3S.258 35,258 100 100 Sponsorship and other Sponsorship and other income 9,446 9,446 35,258 35,258 9,546 9,546 Income from charitable activities Total funds 2024 Unrestricted Restricted Endowment fund5 funds funds Residential care 1,528,972 826,425 586,317 473 1,528.972 826.425 630.084 473 Communicy services Supporced almshouses Ocher charitable activities 43,767 2942 187 43,767 2.985.954 Unrestricted funds Restricted funds Endowment fund5 Total lunds 2023 Residential care 1,355,173 803,769 544,777 537 1,355,173 803,769 583.656 Community services Supported almshouses Other charitable activities 38,879 537 2,704,256 38,879 2,743.135 45 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Investment income Total funds 2024 Unrestricted Restricted Endowment funds funds funds Income from investment properties In￿reSt and dividends 668,224 63,384 731,608 668,224 412,813 1,081,037 349,429 349.429 Unrestricted funds Restricted fund5 Endowment funds Total funds 2023 Income from investmenc properties Interesc and dividends 632,817 33,371 632.817 323,336 289,965 289.965 666,188 956,153 Investment management costs Total funds 2024 Unrestricted Restricted Endowment funds funds funds Portfolio management Property repairs and maintenance charges Support coscs 165,384 165,384 203,015 173,636 542,035 203,015 173,636 376,651 165,384 Unrestricced funds Restricted funds Endowment funds Total funds 2023 Por(folio management Property repairs and maintenance charges Support costs 156,146 156,146 205,484 159.915 205,484 159.915 365,399 156,146 521,545 46 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Expèndlture on charltablo actlvltles by fund type Total funds 2024 Unrestricted Restricted Endowment funds funds funds Residential care 1,456,352 771.398 461,400 91.520 8,932 1,456,352 771,398 497.OS6 101.S20 8,932 Community services Supported almshouses Grants 35.656 i 0.000 Fundraising fund costs Other charitable activities Support coscs 1 060 599 1077.298 10.000 3912556 3.850.201 Unrestricted funds Restricted funds Endowmenc funds Total funds 2023 Residential care 1,306,966 741,310 427.701 91,000 6,563 852 1,306,966 741,310 474,089 101,000 6,563 852 Community 5ervice5 Supporced almshouses Grants 46,388 i 0,000 Fundraising fund coscs Ocher charicable acciviries Support costs 1,095,114 3,669.506 14,486 1.109.600 60,874 i 0,000 3,740,380 l O. Expenditure on charltable activitles by activity type Activities undertaken directly Support costs Total costs 2024 Total costs 2023 Residential care 1.456,352 771,398 497,056 101,520 8.932 374.523 375,721 310,432 16,622 1,830,875 1,710,685 1.116.829 753.565 151.886 6,563 852 Community services Supported almshouses Grants 807.488 Fundraising fund costs Other charitable activities 8,932 2.835.257 1.077.298 3,912,556 3.740.380 All grants made were awarded to organisations and no grants were paid to individuals. The highest grant awarded to any organisation during the year was £3,000 and no Single organisation received more than £3,000 in grants during the year. All grants awarded are unconditional. 47 The Greatham Foundation (formerly The Hospital of Go¢J at Greatham). Company Number 06533385. Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 I l. Net gains on investments Total funds 2024 Unrestricted Restrirted Endowment funds funds funds Gainsl(losses) on listed investments Gainsl(losse5) on investment properties 143.621 10,960 2,949,898 3.104.479 2,798,472 2.798 472 5.748.370 5.902.951 143621 10,960 Unrestricced funds Restricced funds Endowment funds Total funds 2023 Gainsl(losses) on listed invescmencs Gainsl(losses) on investmenc properties 9,597 1044 80,098 1.883.403 91.739 1,883,403 9,597 2.044 1,963,501 1.975,142 12. Net income 2024 2023 Net income is stated after charging.. Auditor's remuneration 10,600 217222 8.900 227,051 Depreciacion of tangible fixed assets 227 822 235,951 13. Staff costs The coÉal staff cos¢s and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social Security costs Employer contributions co defined contribution pension schemes Employer contributions co defined contribution pension schemes Operating costs of defined benefit pension schernes 2.058.911 164.719 1.947.430 141.790 44,298 43.319 49,011 58,095 51,304 2,368,243 23,661 2.214.295 Included in employer contributions w defined benefit schemes is a payment of £48,iJ)O to the Grea¢ham Hospital Pension Scheme under the agreed deficit recovery plan. Further details are given in Noce 22 to these accounts. The average head count of employee5 during the year was 98 (2023: 93). analysed as follow5: 48 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 2024 2023 Management and administration Care services 14 14 82 77 Esta 98 93 The number of employees, whose remunerarion for the year fell within che following bands, was.. 2024 2023 £70,000 to £79.999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning. directing, and controlling the accivicies of the charity. The total compensation paid to key management personnel for services provided to the charity was £267,426 (2023: £273.676). 14. Trustee remuneration and expense5 No remuneration was paid to the trustees. I S. Tangible fixed assets Freehold property Equipment Total Cost At 31 October 2023 12,911,521 59.748 167,419 13,078,940 59,748 Additions at cost Revaluations Disposals At 31 October 2024 92.559 92,559 12,878,710 167,419 13,046,129 Depreciation At 31 October 2023 4,740,334 203.195 49,165 97,290 14,027 4,837.624 217,222 49.165 Charge for the year Disposals Ac 31 Occober 2024 4.894,364 5,005,681 Carrying amount At 31 October 2024 7,984,346 56,102 8,040,448 At 31 October 2023 8,171,187 70,129 8,241,316 16. Investments 49 The Greatham Foundation {formerty The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Listed investments Investment properties Total Cost or valuation At 31 October 2023 22,555,586 343.610 (3,259,209) 3,104,479 22.744.466 13.301,653 35,857.239 343.610 (3,259,209) 5,902.951 16,100,125 38.844.591 Addirions at cost Disposals Fair value movements 2,798.472 Ac 31 October 2024 Impairment At 31 October 2023 Impairment arising during year Disposals At 31 October 2024 Carrying amount At 31 October 2024 22,744,466 16,100,125 38,844,591 At 31 October 2023 22,555,586 13,301,653 35,857,239 All investments shown above are stated at valuacion. Listed investments The charity's listed investments are largely held within a portfolio of investments managed by the charity's professional fund managers with scme additional direct holdings in common investment funds. The managed portfolio holds investments in the form of equities. fixed income securities, hedge funds and commodities all of which are parr of publicly traded markets where trading is based upon quoted price5. The lair value of all holdings is based upon the quoted market prices of the various holdings. The managed portfolio also includes foreign currency contracts which act as a hedge against the effect of currency fluccuacions within the portfolio. The fair Value of foreign currency forward contracts within the managed por¢f¢lio is based on the difference between the exchange rate agreed at the inception of che forward contract and the exchange rare prevailing ac the reporting date. An analys1$ of Ilst•d Inv•srm•nts by fund Is as follows: 2024 2023 Permanent endowment fund 21,302,657 21,284,293 150,475 Non-permanent endowment funds Total endowment funds 21,469,068 21,434,768 79.661 68,701 195737 1,052,117 Restricted funds Unrestricted funds 22,744,466 22.555,586 nvestment propertie5 50 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report 2nd Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 All investment properties are held within the United Kingdom. The investment properties are stated at open market valuation which represencs their fair value to the charity. The valuation of the farms is based upon a full professional valuation carried out in January 2025 by Savills. Trustees carried out a revaluacion of the residential rent21 properties contained within the portfolio during 2023 and chere has been no change to that valuation in 2024. The valuation of commercial properties is based upon a full professional valuation which was carried out in 2013 by Thomas Stevenson, Chartered SuNeyors. The policy is for trustees to review investmenc properties on an annual basis. The crustees have determined that no change is required to the valuation of the charity's commercial properties. The investment properties are assets of the charity's permanenc endowment fund. 17. Total return approach to Investment of permanent endowment The charity's listed investments include che charity's managed endowment fund investment porrfolio. This portfolio is accounced for on a cotal return basis in accordance with an order for total return received on 15 November 2010 from the Charity Commi55ion. The movements in the trust for investmenc and the unapplied total return during the year are set out below.. Trust for investment Unapplied cotal return Total Endowment investments subject to total return At 31 October 2023 Gift component of the permanent endowment Unapplied total return At 31 October 2023 20,750,769 20,750,769 533,524 533,524 20,750,769 533,524 21.284,293 Movements in the reporting period Invescment returns . dividends and interest 343,610 343,610 Investment returns - realised and unrealised gains and (losses) Additions to crust for investment 2,933,963 2,933.963 Income repaid to unapplied total return in year Less: Investment managemenc costs Drawdown of cotal rerurn during the year Total movemencs in the reporting period befoi'e transfers (165,362) (165,362) 3.093,847 3,093,847 18,364 18.364 Transfer from unapplied total return to maintain real value of trust for investment 471,611 471,611 471,611 Net movements in the reportin8 period 453,247 18,364 At 31 October 2024 Gift component of the permanent endowment 21,222,380 21,222,380 Unapplied total return At 31 October 2024 21,222,380 80 277 21 302,657 The Greatham Foundation (formerly The Hospital of God at Greatham}. Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accoun¢5 for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Each year the charity makes a transfer from unapplied total return to the trust for endowment to maintain the real value of the trust for investmenL This transfer is based on the change in the Consumer Price Index during the year. During che year ended 31 October 2024. the amount transferred to maintain the trust for investment was £471,611. 18. Debtors 2024 2023 Trade debtors 90,892 132.680 127.413 350 985 94,757 113.991 120.955 329.703 Prepaid expenses Accrued income and sundry debtors 19. Creditor5: amounts fallin8 due within one year 2024 2023 Trade creditors 284,258 146,106 34,691 249,964 184,597 31,636 1,360 Accruals and deferred income Social security and other taxes Mortgage loan 466,571 467.557 20. Creditors: amounts falling due after more than one year 2024 2023 Mortgage loan 87,910 89,426 89.426 The mor¥dge loan was transferred to the charity from the S¢ock¢on Almshouses Charlty during the year ended 31 Oc¢ober 2010. The mor¢8a8e loan is secured by a legal charge over the property at Trlnity Gardens, Stockton on Tees. 21. Pension scheme asset l (provision for liabilities) Pension and similar obligations Note 22 At l November 2023 254,000 92,000 Increase in asset during the year At 31 October 2024 346.000 52 The Greatham Foundation (formerty The Hospital of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 This represents the net valuation. under FRS102. of the assets and liabilitie5 of the Greatham Hospital Pension Scheme. a defined benefit pension scheme of which the charity is che sole sponsoring employer. Further information about this scheme and its valuation is given in Note 22 below. 22. Pensions and other post*mployment benefits Defined contribution plans The amount recognised in expenditure as an expense in relation to defined contribution plans was £44.298 (2023: £43.319). Defined benefit plans The chari(y operates and is the sole sponsoring employer of the Greatham Hospiol Pension Scheme ("the scheme.), a defined benefic pension scheme which provides benefics based on final salary and length of service on retiremenc, leaving service or death. The pension scheme was closed to new members on 14 December 2005. The last accive member left pensionable service in November 2023 and as a result the scheme is now closed to future benefic accrual. The scheme is managed by a board of crustees appointed in part by the charity as sponsoring employer. and in parc from elections by members of the scheme. The trustees of the scheme have re5pon5ibility for obcaining valuations of the fund, administering benefit payments and investing the scheme's assets. The tru5tee5 Of the scheme delegate some of these functions to their professional adYi5ers where appropriate. The scheme exposes the charity to a number of risks.. Investment risk. The scheme holds investments in asset classes, such as diversified growth funds, which have volatile market values and, while these assets are expected to provide real returns over the long term, shorc-term volacility can cause additional funding to be required if deficits emerge. Interest rate risk. The scheme's liabilities, calculated in 2ccord2nce with che requirements of FRS 102, are assessed using market yields on high quality corporate bonds to discount the liabilities. As the scheme holds assets classes such as diversified growrh funds, the value of the assecs and liabilicies may not move in the same way. Inflation risk. A significant proportion of the benefits under the scheme are linked to inflation. Alchough the scheme's assets are expected to provide a good hedge against inflation over the long term, movements over the short term could lead to deficits emerging. Mortality risk. In the event that members live longer than assumed, deficits may emerge in the scheme. The scheme is subject to the Scacutory Funding Objective under che Pensions Act 2004. This means that the scheme must have sufficient and appropriate assets to cover its technical provisions (i.e. the amount of money expected to be needed now to pay the promised benefits of members as they come up for payment in the future). A valuation of the scheme 15 carried out at least once evcry threo years to determine whether the Statutory Funding Objective is meL As part of this process the chariry. as sponsoring employer. must agree with the trustees of the scheme the contributions to be paid co meet the Statutory Funding Objective. The charity expects to pay no contribucions during the year to 31 October 2025, in line with the Schedule of Contributions dated 12 July 2023. The most recent CoMp￿hen$1ve actuarial valuation of the scheme was carried out as at 31 October 2022. This valuation calCula￿d an actuarial deficit of £91.000 as at that date. To eliminats this fijnding shortfall the trustees and the scheme jointly agreed a recovery plan, the final payment under which was made to the scheme in November 2023. The next acruarial valuation of the scheme is due at 31 October 2025. In the event that this valuation reveals a 53 The Greatham Foundats'on {formerly The Hospiral of God at Greatham). Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 larger deficit than expected. the charity rTiay be required (o iiiake fui-tlier conti-ibutions under a new Schedule of Contribucions. Conversely if the position is better than expected, it 15 possible that future contributions may be reduced. The scheme closed co future accrual on 28 November 2023 when the last remaining active member left pensionable employment. During the period to thac date, che charity paid contributions to the scheme for future service benefits at rhe rate of 22.770 of gross pensionable salary. in accordance with the schedule of contributions. This amounted to a total of £ 1.011 (2023: £10,095). Active members were not required ¢0 make any contribution. The charity administers the scheme and meets all running costs of the scheme. During the year ended 31 Occober 2024 the total of all such costs amountsd to £33,641 (2023: £23,661), excluding the wages and salaries of Hospital of God management and staff who assist wirh the administration of the scheme. There were no plan amendments, curtailments or settlemencs during the period. The following disclosures have been provided by the scheme actuary co meet the requiremencs of FRS102 for che purpose5 of chese accounts, At 31 October 2024 chere was a surplus in che scheme of £346,000, calculated in accordance with che requirements of FRS102 and based on the assumptions sec ouc below. This compares with a surplus of £254,000 at che previous review date. The increase in the surplus over the period is primarily due to the contributions paid by the charity and positive investment returns on che scheme's as5ec5. These positive returns have been slightly offset by a decrease in the discount rate used to valve the liabilitie5, which has had the effect of increasing the liabilities. The surplus is recognised as an assec in these accounts at it is considered that this surplu5 will generate a future economic benefit for the charity because che scheme deed allows for the repayment to the employer of any residual surplus remaining upon the eventu21 terminacion of che scheme after all liabilities to members and all expenses have been fully settled. The following disclosures are made in accordance with the requirements of FRS102. Figures are shown rounded ¢0 the nearest £ 1.000. The amounc recognised in the Statement of Financial Position is as follows: Asat 31 October 2024 A5at 31 October 2023 Amounts reco8nised in the Statement of Financial Position Fair value of assets 2.514,000 2,379,000 Presenc value of funded obligations Net defined benefit asset (2,168,000) 346,000 (2,125,000) 254.000 54 The Greatham Foundation (formerly The Hospital of God a¢ Greatham), Company Number 06533385, Charity Number 1123540 Trustees, Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 The fair value of the scheme's investment assets at 31 October 2024 analysed by major asset class is as follows: Asset cl￿$ 31 October 2024 31 October 2023 Diversified growth fund 492.000 1,327,000 Index linked gilts 1,508,000 684.000 Corporate bonds 377,000 364.000 Fixed gilts 122.000 Nec current assecs 15.000 4.000 Total 2,514,000 2,379.000 The change in the fair value of the scheme's assets over the year is as follows.. Asat 31 October 2024 Asat 31 October 2023 Change in fair value of scheme assets Fair value of scheme assets at the beginnin8 of the year Intsrest on assets 2,379,000 2,628,000 130,OCN) 120,000 Charity's contributions paid to scheme in year 49,000 58,000 Contributions by scheme participants Benefits paid by scheme in year (117,000) {171.000) Administration costs Change due to settlements Return on scheme assets less interest 73.000 (256,000) Fair value of scheme assets at the end of the year 2,514.000 2.379,000 The accual return on the scheme's assets during the year was a gain of £203,000 (2023:105s of £136,000). 55 The Greatham Foundation (formerly The Hospital of God at Greatham), Company Number 06533385. Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 The change in the present value of the scheme's funded defined benefit obligations over the year is as follows: Change in present value of defined benefit obligations Asat 31 October 2024 Asat 31 October 2023 Defined benefit obligations of the scheme at the beginning of the year Current service cost 2,125.000 2,419,000 1.000 7,000 Contributions by scheme participants Past service cosc Interest cosc 115.000 109,000 Benefit5 paid by Scheme in year (117.000) (171,000) Change due to settlement5 Experience (gain)1105s on defined benefit obligacion Changes to demographic assumptions Changes to financial assumptions 44,000 {239,000) Defined benefit obligations of the scheme at the end of the year 2,168,000 2,125,000 The net amount recognised in the Ststement of Financial Activities is as follows: Net amount recogni5ed in the Statement of Financial Activities Year ènded 31 October 2024 Year ended 31 October 2023 Total incomel(costs) recognised in the year, as detailed below Total re-measurement gainsl(losses) in the ar. a5 detailed below 14,000 4,000 29,000 (17.000) Chai"ity's contributions paid to scheme in yeai" Net amount recognised in the Statement of Financial Activities 49.000 58,000 92.000 45,000 The income and costs recognised in the year are as follows: 56 The Greatham Foundation {formerly The Hospital of God a¢ Greatham), Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Year ended 31 October 2024 Year ended 31 October 2023 Costsl(income) recognised in the year Current service cost 1,000 7,000 Administration costs Interest on liabilities 115.000 109,000 Interesc on assecs 1130.000) (120,000) Past service cost Settlemenc cosc Total cost51(income) recognised in the ear (14.000) (4.000) The re-measurement 8ain5 and losses recognised in the year are as follows: Re-measurement105ses1{gain5) recognised in the year Loss1(gain) on scheme assets in excess of Intere5¢ Year ended 31 October 2024 Year ended 31 October 2023 (73,000) 256,000 Experience lossesl(gains) on liabilities Lossesl(gainsl from changes to demographic assum tions L055esl(gains) from changes co financial assum tions Total re-measurement lossesl(8ains) reco nised in the ear 44,000 {239,000) (29,000) 17,000 Principal assumptions 57 The Greatham Foundation (formerty The H05pical of God at Greacham}, Company Number 06533385. Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Total funds 2024 Unrestricted Restricted Endowment fund5 funds funds Fixed assets Tangible fixed assets Investments - investment properties Investments - listed investments 56,102 791,525 7.192,821 .040.448 16.100,125 16,100,125 21,469,068 22,744,466 44,762,014 46,885,039 ,195,737 251,839 79,661 871,186 Net current assets Debtors 350,985 5,000,711 (453,S60) 2715,708 2,182.428 350,985 5,000,71 (13,011) (466,571) 2 548 720 Cash at bank and in hand Creditors due within one year Inter-fund balances 166,988 166.988 2,535,709 4,885,125 Total assets less current liabilities 3,434,267 1,038,174 47.297,723 51,770.164 Creditors.. amounts falling due after more than one year Pension scheme assec {87,910) 346,000 3 692,357 1,038,174 (87,910) 346,000 47,297,723 $2,028,254 Net assets (total funds) Unrestricted funds Restricted fund5 Endowment funds Total funds 2023 Fixed assets Tangible fixed assets Investments - investment properties Investments - listed investments 70,129 811,820 7,359.367 8,241,316 13.301,653 13,301,653 21,434,768 22.555,586 1.052,117 68,701 1,122,246 880,521 42,095,788 44,098,555 Net current assets Debtors 329.703 1.838.764 {454,538) 2,302,929 329,703 1,838.764 (13,019) (467,557) 2,147,648 2,134.629 Cash at bank and in hand Creditors due within one year Incer-fund balances 155,281 155,281 589,000 1.700.910 Total assets less current liabilities 533.246 1,035,802 44,230,417 45,799,465 Creditors.. amounts falling due after more than one year Pension scheme a55et (89,426) 254.000 (89,426) 254,000 Net assets (total fund$) 25. Trustee related party transaction5 and interests 697.820 1,035.802 44,230,417 45.964,039 The Greatham Foundation (formerly The Hospital of God at Greatham). Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024 The Greatham Foundation (formerly The Hospital of God at Greatham) Notes to the Financial Statements Year ended 31 October 2024 Rober¢ Eden, who served as trustee during the year. was during the year an employer-nominatsd trustee of the Greatham Hospital Pension Schemq of which the charity is the spon50rin8 employer. Trustees are reimbursed for their travel on a mileage basis. During the year rwo trustees were paid a combined tot31 of £355 in respect of rheir travelling costs (2023.. £739). 26. Going concern The trustees consider thac the charity is a going concern and chat there are no material uncertaincies or events which cast doubt upon its ability to concinue as a going concern. In assessing the going concern posicion of the charity for the year ended 31 October 2024 the trus￿e5 have considered the outlook and in doing so looked ar che future operating results, cash flows and facilities available. Based on these facts the going concern basis has been adopted in the preparation of the financial Sta￿rnents. 27. Forward commitments At 31 October 2024 the charity had forward expenditure commitments totalling £23,245 related to property repalrs. END The Greatham Foundation (formerly The Hospitsl of God at Greatham), Company Number 06533385, Charity Number 1123540 Trustees. Annual Report and Accounts for the year ended 31 October 2024